for a restaurant, the sale of surplus restaurant equipment for more than its carrying value is referred to as a gain rather than as revenue.
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3. REVENUE RECOGNITION 0
In IFRS, the term “income” includes revenue and gains. Gains are similar to revenue, but they typically arise from secondary or peripheral activities rather than from a company’s primary business activities. For example, <span>for a restaurant, the sale of surplus restaurant equipment for more than its carrying value is referred to as a gain rather than as revenue. Similarly, a loss typically arises from secondary activities. Gains and losses may be considered part of operating activities (e.g., a loss due to a decline in the value of inventory) o
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